AudioCodes Ltd. (NASDAQ:AUDC) Sees Large Growth in Short Interest

AudioCodes Ltd. (NASDAQ:AUDC) was the recipient of a large increase in short interest in November. As of November 15th, there was short interest totalling 294,100 shares, an increase of 131.0% from the October 31st total of 127,300 shares. Based on an average daily volume of 84,100 shares, the days-to-cover ratio is presently 3.5 days. Currently, 1.4% of the shares of the stock are sold short.

Analysts Set New Price Targets

A number of research firms have recently weighed in on AUDC. Barclays cut their price objective on shares of AudioCodes from $10.00 to $9.00 and set an “underweight” rating for the company in a research report on Thursday, November 7th. Needham & Company LLC dropped their target price on shares of AudioCodes from $14.00 to $11.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, StockNews.com lowered AudioCodes from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 7th.

AudioCodes Trading Down 2.5 %

NASDAQ:AUDC traded down $0.23 on Thursday, reaching $9.10. The stock had a trading volume of 52,572 shares, compared to its average volume of 78,502. The company has a 50-day moving average of $9.15 and a 200 day moving average of $9.94. The stock has a market cap of $275.00 million, a P/E ratio of 22.75 and a beta of 0.86. AudioCodes has a 12-month low of $7.70 and a 12-month high of $14.45.

Institutional Trading of AudioCodes

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Senvest Management LLC raised its stake in shares of AudioCodes by 1.5% in the 3rd quarter. Senvest Management LLC now owns 2,580,448 shares of the communications equipment provider’s stock valued at $25,108,000 after purchasing an additional 37,080 shares in the last quarter. Vanguard Group Inc. boosted its holdings in AudioCodes by 2.8% in the first quarter. Vanguard Group Inc. now owns 852,899 shares of the communications equipment provider’s stock worth $11,122,000 after purchasing an additional 23,104 shares during the period. Taylor Frigon Capital Management LLC increased its stake in AudioCodes by 85.3% during the second quarter. Taylor Frigon Capital Management LLC now owns 441,878 shares of the communications equipment provider’s stock valued at $4,587,000 after purchasing an additional 203,399 shares during the last quarter. ARK Investment Management LLC raised its holdings in shares of AudioCodes by 9.5% during the second quarter. ARK Investment Management LLC now owns 202,182 shares of the communications equipment provider’s stock worth $2,099,000 after purchasing an additional 17,589 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in shares of AudioCodes in the 3rd quarter worth about $1,618,000. Institutional investors own 68.05% of the company’s stock.

AudioCodes Company Profile

AudioCodes Ltd. provides advanced communications software, products, and productivity solutions for the digital workplace worldwide. The company offers solutions, products, and services for unified communications, contact centers, hosted business services, Voice.AI, and service provider businesses. Its products include session border controllers, life cycle management solutions, VoIP network routing solutions, media gateways and servers, multi-service business routers, IP phones solutions, and value-added applications, as well as professional services.